Community Impact reports that Montgomery ISD’s annual tax rate will go before voters on the November ballot. It’s a $0.0425 increase.
Regarding MISD’s fiscal year 2024-25 budget, they are facing a $4.3 million shortfall. It will be up to voters whether the funding they are looking for can be provided by way of $5.5 million in revenue via a voter-approved tax rate ballot initiative.
If given the go-ahead from voters, the voter-approval tax rate, on a $350,000 house would cost a homeowner around $8.85 per month. It would not increase taxes for voters age 65 and older.
MISD’s Fiscal Year 2024-25 tax rate consists of two funding elements:
–For the interest and sinking tax rate, $0.3743 per $100 valuation. This funds debt from bonds. Its the same as the Fiscal Year 2023-24 I&S tax rate.
–For the maintenance and operations tax rate, $0.7169 per $100 valuation. This funds MISD general operations and includes personnel salaries. For Fiscal Year 2023-24 it was $0.6744 per $100 valuation.
MISD’s Fiscal Year 2024-25 shortfall, according to Superintendent Mark Ruffin, was caused by:
–The 88th Texas legislative session not providing needed funding increases for public schools.
–Mandates that were unfunded.
–Increasing costs for districts through inflation.
–Special education costs that rose.
